The board at United PVG announced completion of the acquisition on October 20th 2016, in compliance with the terms of the share transfer agreement. Haiyang-xin will now operate as a wholly owned subsidiary, with all results, assets and liabilities consolidated into those of United Photovoltaics Group Limited.
Haiyangxin owns and operates a grid connected solar plant with a 40 MW capacity. The plant is located in Yantai City, in Chinas Shandong Province.
The announcement comes just a few weeks after United PVGs CNY 20.86m (US$3.13 million) acquisition of a 49% stake in Changzhou Guangyu New Energy Company. This company operates 4 solar power plants in Xinjiang, China.
In September, United PVG received a 1.33 billion (UD$197 million) subsidy. Chinas National Energy Agency, Ministry of Finance and the National Development and Reform Commission jointly fund the subsidy, which covers 16 solar plants already owned by United. As was expected, United is using this cash to support business expansions both in China and elsewhere.
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